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Wall Street Wrapup - Federal Reserve sent $97.8 B to Treasury Dept.

Week in Review
May 4, 2016 9:25 AM

Federal Reserve sent $97.8 B to Treasury Dept.Stocks fell on Friday as blue-chip tech shares dragged on the market, but the S&P and the Dow clung to April gains to score the second monthly rise in a row. The Dow dropped 57 to close at 17,774, the S&P lost 11 to 2,065 and the Nasdaq was 30 lower at 4,775.

The Federal Reserve sent a record $97.8 billion in profits to the Treasury Department in 2015, and handed over $19.3 billion to the Treasury in December under the terms of a federal transportation bill, which tapped the central bank’s surplus account to help pay for five years of highway spending programs.

Thousands of homeowners will be eligible to have their mortgage balances cut under a plan approved by the federal regulator of mortgage-finance companies Fannie Mae and Freddie Mac, according to people familiar with the matter.

Listen in for much more in A Wall Street Wrap-up.

Week in Review, hosted by Dr. David Mielke, covers the previous and coming week’s business stories and stock market news while discussing how these events will impact the business world – encouraging you to form opinions on this week’s topics.

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